The ruling dashes Ms. Kissel's chances of securing a release through a retrial after Hong Kong's highest court early last year threw out her 2005 murder conviction, citing procedural flaws in what became widely known as the "milkshake murder" trial.

The so-called "milkshake murder" case engrossed Hong Kong with its tales of domestic violence, rough sex and adultery that fractured the high-flying expatriate lifestyle that many financial professionals in the former British colony enjoy.